Way to go Michael Jackson....

17 replies [Last post]
Jonesness's picture
Offline
Joined: 2008-02-26

http://www.foxnews.com/story/0,2933,332776,00.html
 
I wonder who his financial advisor is......

anabuhabkuss's picture
Offline
Joined: 2005-05-02

What a waste of topic. This is old news and since when did his financial advisors fit into this? How many people actually listen to what their advisors say?

Broker7's picture
Offline
Joined: 2007-02-23

anabuhabkuss wrote:What a waste of topic. This is old news and since when did his financial advisors fit into this? How many people actually listen to what their advisors say?
 
Why is it a waste in topic??..it is part of the current economic landscape.  This is the second $30 mm RESIDENTIAL property to be auctioned off within a month. 

Jonesness's picture
Offline
Joined: 2008-02-26

Sorry if I offended you ana.  Are you a big M Jackson fan?  If this was old news to you, you must me in tight with Mike. (since the article was released yesterday)

Anonymous's picture
Anonymous

Seriously...MJ isn't losing Neverland because of his FA, his accountant, or the "doom and gloom" economy; he's losing it because he's acted like a whack-job for a decade and a half now. 

Jonesness's picture
Offline
Joined: 2008-02-26

Since you seem to know alot about forclosures..WHat happened to the Hearst estate?Why are forclosures at record highs right now?  Please help us understand.

Indyone's picture
Offline
Joined: 2005-05-31

Uh, please back up your statement about forEclosures being at a record high from a reputable source.  I've seen nothing of the sort.  ForEclosure in 1997 were at a rate of 1.04%.  The most recent supposedly "record" rate that I could find in the decidedly biased news media was 0.58%.  Help me understand.

Jonesness's picture
Offline
Joined: 2008-02-26

http://www.sacbee.com/142/story/364838.html
hit a high in sept 07...been getting much much worse since..
do you live in a cave?

Broker7's picture
Offline
Joined: 2007-02-23

Indy,
 
Where did you get that 1% number for 1997?
http://www.reuters.com/article/bankingFinancial/idUSN0956452720080110
Countrywide dec foreclosure numbers were the highest on record 1.44%
 
That is DOUBLE the 70% from a year ago.  I do now these numbers are expected to worsen through 2008 as ARM rests occur march, april and may. Also remember the foreclosure process takes at least 6 month.  So it has a lag before it is on the books.
 

anabuhabkuss's picture
Offline
Joined: 2005-05-02

Broker7 wrote:anabuhabkuss wrote:What a waste of topic. This is old news and since when did his financial advisors fit into this? How many people actually listen to what their advisors say?
 
Why is it a waste in topic??..it is part of the current economic landscape.  This is the second $30 mm RESIDENTIAL property to be auctioned off within a month. 
 
This guy has not been able to pay his bills in years even during good markets. His situation is totally irrelevant to today's market conditions as are your posts. His spending habits (he's notoriously known for spending an easy mil in one day) are the reasons he's losing his house and not because of "record high" foreclosures. Seriously wtf?

Indyone's picture
Offline
Joined: 2005-05-31

My numbers are straight from the FDIC...
 
http://www.fdic.gov/bank/analytical/working/98-2.pdf
 
...and everyone knows who's got mortgages from Countrywide...no real surprise that their numbers are up.

Jonesness's picture
Offline
Joined: 2008-02-26

Again, I will apoligize. Foreclosure is a nonissue.  PM me again if you have any more questions on Morning star X-ray.

Indyone's picture
Offline
Joined: 2005-05-31

I never said that foreclosure is a non-issue.  I just don't see it as the armageddon that you are determined to present and am frankly weary of your determined agenda to convince us all that the sky is falling.  There's no civil debate with you.  If I disagree with your interpretation of the data, I've been "living in a cave".  There's a calamity in waiting in bank failures..."it's going to get ugly", yet there were far more problem banks in 1993 than there are today and SHOCK...we survived.
 
As to your Morningstar X-ray comment, apparently this is either some attempt at being witty, or you've confused me with someone else.  I've not PM'd you about any subject and frankly I don't foresee any reason that I will.  If I want market commentary that I'm comfortable using to advise clients, I'll listen to the pros on my firm's morning call, not get it from the Sacramento Bee and anonymous chicken littles on this forum.  I'd advise others to do likewise.

Jonesness's picture
Offline
Joined: 2008-02-26

Armageddon, where the hell do you get that..you must have me confused w/ someone else.  You are way to abrupt to come to conclusions. I merely stated the FDIC issues (which I have inside info on, FDIC employee told me "it's going to get ugly..real ugly", and forclosures...all facts and all cyclical.  I don't think the sky is falling..do you?  No big deal..so we are in a recession, deal with it.  The above post was for ana, I didnt know you put a post up before I responded. Are you OK with that??

Indyone's picture
Offline
Joined: 2005-05-31

Sure, I'm fine.  You'll probably find this pollyanna-like, but I also think it's uncertain as to whether we're even in a recession.  There are pockets of recession, but it's not yet clear that an overall recession has happened or even will happen.  All this is subject to interpretation and POV.  If I'm in Michigan, then yes, I probably feel the effects of recession, but in my mind, at least, the jury is still out as to whether or not the recession is national or merely regional.
 
Here's an anecdotal example.  We all know how horrible the housing situation is right now, correct?  I'll acknowledge some significant causes for concern, although the degree of damage these issues ultimately cause our economic health is subject to disagreement.  At the same time, one of my best clients owns and operates a multi-million dollar cabinet manufacturing firm.  Guess what his biggest concern is today?  He is literally fretting over losing business because his manufacturing lead time has balooned to 16 weeks after running 4-10 weeks for the last 15 years.  As his CPA and investment advisor, I'm advising him to not expand capacity because of what I'm seeing and hearing about the housing market.  He may still see the effects of the housing slump, but right now, he's ready to kill me for what he perceives as faulty advice.  Another client, who owns a construction company is booked out more than a year and is turning down jobs.
 
Obviously, there are areas where housing is having it's share of problems with excess inventory and inevitably lower prices, but it's not universal by any stretch.  Neither is banking universally bad, and with Freddie and Fannie's new lending capacity in a few days, lower interest rates and various capital investments, this (crisis) too shall pass.  My guess is that the vast majority of problem or failing banks will be relatively small in terms of deposits and loans, as these are often where the failures come from.  My credentials for making educated guesses about the banking industry?  A six-year span in the 1990's (including 1993) spent running the audit and loan review department and ultimately acting as CFO during the last year before the bank was sold.  No, it wasn't Bank of America, but it did cover a large part of two states and was publicly traded.
 
Perhaps I misinterpreted the tone of your posts, but a lot of what I read in your posts made it sound like you were ready to head for your bunker.  That's fine by me...you're entitled to protect yourself from perceived threats, but I took exception to more or less being called an idiot salesman in denial, simply because I didn't share your POV.  Having been at this off and on since 1989, and on for the last ten years, I've seen my share.  Those in denial for the most part flamed out dramatically during the last bear market.  Most of the rest of us survived by reacting to neither extreme and yes, "staying the course" with the overall plan we created with clients.  There are two sides to every story and I've personally found reacting to or trying to anticipate every economic trend to be counterproductive to client portfolio performance.  If your crystal ball is better than mine, have at it.

anabuhabkuss's picture
Offline
Joined: 2005-05-02

ok ok let's keep it friendly. Joneness or whomever I may have offended with my tone I apologize.

Jonesness's picture
Offline
Joined: 2008-02-26

anabuh...you are OK
 
Indy...here.  Foreclosures at all time high and rising.
http://biz.yahoo.com/ap/080306/home_foreclosures.html
 
oct,nov,dec 2007.

bobmoo79's picture
Offline
Joined: 2013-12-31

It's interesting reading these old articles. Contrary to many media reports of the time - reports that have been repated many times over the years - Jackson did NOT lose Neverland.
This was proven when he died and the MJ Estates official reports were filed.
Similarly Jackson did NOT lose 'The Beatles Catalogue' (most accurately known as Sony/ATV).

Please or Register to post comments.

Industry Newsletters

Sponsored Introduction Continue on to (or wait seconds) ×